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MINDORO RETAINS
SPECIALIST TO CONSULT ON AGATA NICKEL PROJECT
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EDMONTON, Alberta; January 5, 2011 - Mindoro
Resources Ltd. (TSXV: MIO; ASX: MDO; Frankfurt: WKN 906167) today advised
it has retained Mr. Jake Foronda, (BSc. MBA), initially on a consulting basis, on the
company�s Agata Nickel Laterite
Project in the Philippines, leading up to commencement of a Pre-feasibility
study. Under a consulting agreement effective January 3, 2011, Mr. Foronda will assist with ongoing studies at Agata, including assessment of processing and
infrastructure issues, bulk sampling, metallurgical testing programs,
permitting and government and community relations programs, as well as
upgrading Environment, Health and Safety procedures.
Mr. Foronda is a
Philippine citizen and a 30 years experienced
Metallurgical Engineer with significant recent involvement in nickel laterite project feasibility studies focused on nickel
hydrometallurgical technologies. He has led project studies for Intex Resources, Benguet
Corporation, WMC Philippines and Lepanto Consolidated. Most of his
technical and managerial experience has been in the Philippines however he
has also worked in Ecuador, South America. He has held positions including
Project Manager, General Manager, Mill Superintendent and Corporate
Environmental/ Social Development Manager.
The Company has issued an incentive stock option
to Mr. Foronda to purchase 100,000 common shares
at a price of $0.29 for three years, subject to regulatory approval.
On behalf of the board of directors,
Jon Dugdale,
For further information about Mindoro, please contact:
Australia:
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Jon Dugdale, President
and CEO, Tel +61 3 9615 5055
Email jon@mindoro.com
Nathan Ryan, NWR
Communications, Tel: +0420 582 8877
Email
nathan.ryan@nwrcommunications.com.au
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Canada:
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Penny Gould, VP Investor Relations, Tel +780 413
8187, Toll free 1 877 413 8187
Email penny@mindoro.com
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Germany:
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Robert Sarcher,
Aprendo Capital, Tel +49 821 6089051
Email robert@mindoro.com
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Website:
www.mindoro.com
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ABOUT MINDORO
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange
(MIO), Australian Securities Exchange (MDO) and Frankfurt Stock Exchange
(WKN 906167). Mindoro is focused on nickel, copper and gold exploration in
the Philippines with a strategy of advancing early-stage opportunities to
production or joint venture.
Mindoro is assessing the potential to develop a value-added direct
shipping ore (DSO) nickel operation to generate early cash flow as well as
large scale potential for an onsite processing plant in the Surigao District, Mindanao, where the company controls
major nickel laterite resources.
Mindoro has NI 43-101 Mineral Resource estimates on its Agata nickel-cobalt project and NI 43-101 Mineral
Resource estimates on its Lobo and Archangel (Kay Tanda)
gold-silver projects, as well as an additional 22 porphyry copper-gold
prospects. Senior gold producer, Gold Fields, may earn 75 percent
interest in three of Mindoro�s projects through direct project expenditure.
Three drill programs are currently underway on the Company�s
projects and an integrated scoping study on the Agata
nickel laterite project is expected to be
completed early in the first quarter of 2011.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
The Company�s DSO and large scale production objectives are intended
to provide an indication of management�s current expectations and are still
conceptual in nature. It is uncertain that sufficient resources will be
established and if established that these resources will be converted into
economically viable mining reserves. Until a feasibility study has been
completed, there is no certainty that these objectives will be met.The potential quantity and grade of the Exploration
Target is also conceptual in nature; it is uncertain if further exploration
will result in the Exploration Target being delineated as a mineral
resource and there is no guarantee that these resources, if delineated,
will be economic or sufficient to support a commercial mining operation.
Tony Climie, P.Geol,
is Mindoro�s Qualified Person as defined by National Instrument 43-101 and
is a competent person as defined by the JORC Code, who is responsible for
monitoring the supervision and quality control of Mindoro's exploration
programs and who has reviewed and verified the technical information
contained in this news release. Mr. Climie
is an executive and a director of Mindoro and is a member of the of the
Alberta Professional Engineers, Geologists and Geophysicists Association.
Mr. Climie has more than five years of experience
which is relevant to the style of mineralization and type of deposit under
consideration and to the activity which he has undertaken. Mr. Climie has consented to the release of the technical
information in the form and context in which it appears.
The Company�s resource estimates were originally prepared in
accordance with Canadian National Instrument 43-101 Standards of Disclosure
for Mineral Projects of the Canadian Securities Administrators (�NI
43-101�) and the Canadian Institute of Mining, Metallurgy and Petroleum
classification system. NI 43-101 is a rule developed by the Canadian
Securities Administrators that governs how Canadian issuers disclose
scientific and technical information about mineral projects and which is
broadly equivalent to the JORC Code in Australia. All resource
information is also expressed in terms of the JORC Code.
This release may contain forward-looking statements including
management's assessments of future plans and operations, and expectations
of future production. These statements are based on current expectations
that involve a number of risks and uncertainties, which could cause actual
results to differ materially from those anticipated. These risks include,
but are not limited to, the risks associated with the mining and
exploration industry (e.g. operational risks in development, exploration
and production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty with respect to results of exploration, the
uncertainty of estimates and projections relating to production and the
uncertainty of the availability of capital). The assumptions used in the
preparation of such statements, although considered reasonable at the time
of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. The Company does not
undertake to update forward looking statements except where required to do
so by law.
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